First Solar Commissions Western Hemisphere’s Largest Solar R&D Center

TEMPE, Ariz. & PERRYSBURG, Ohio--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today commissioned a new research and development (R&D) innovation center in Lake Township, Ohio, believed to be the largest facility of its kind in the Western Hemisphere. The Jim Nolan Center for Solar Innovation is dedicated to the late James "Jim" F. Nolan, a former member of First Solar's Board of Directors and the architect of the company's cadmium telluride (CdTe) semiconductor platform.

The facility covers 1.3 million square feet and includes a high-tech pilot manufacturing line allowing for the production of full-sized prototypes of thin film and tandem PV modules. Prior to the commissioning of the Jim Nolan Center, First Solar utilized a manufacturing line at its Perrysburg facility for its late-stage product development efforts. This arrangement limited the flexibility for development efforts and created constraints when mission-critical tools had to go offline. By resolving these limitations and constraints, the new facility is expected to accelerate innovation cycles.

"Thin films are the next technological battleground for the solar industry because they are key to commercializing tandem devices, which are anticipated to be the next disruption in photovoltaics," said Mark Widmar, chief executive officer, First Solar. "While the United States leads the world in thin film PV, China is racing to close the innovation gap. We expect that this crucial investment in R&D infrastructure will help maintain our nation's strategic advantage in thin film, accelerating the cycles of innovation needed to ensure that the next disruptive, transformative solar technology will be American-made."

The Jim Nolan Center is part of an approximately half-billion dollar investment by First Solar in R&D infrastructure, and the company expects to also commission a perovskite development line at its Perrysburg, Ohio, campus in the second half of 2024. The company, which has invested almost $2 billion in R&D, operates laboratories in Santa Clara, California, and Perrysburg, Ohio, in the US, and Uppsala in Sweden. Significantly, First Solar's California Technology Center (CTC) in Santa Clara recently achieved a 23.1% efficient CdTe cell, a new world record certified by the National Renewable Energy Laboratory (NREL).

First Solar, founded in 1999 and celebrating 25 years of operations this year, is unique among the world's largest solar manufacturers for being the only US-headquartered company and for scaling the production of thin film solar panels. The company exited 2023 with 16.6 gigawatts (GW) of annual global nameplate manufacturing capacity and is expected to achieve over 25 GW of capacity by 2026. First Solar expects to commission new manufacturing facilities in Alabama in the second half of 2024 and Louisiana in the second half of 2025, bringing its total US nameplate capacity to 14 GW by 2026.

The company's ongoing and planned investments in the R&D infrastructure are projected to create approximately 300 new jobs by 2025, the majority of which will be located at the Jim Nolan Center. First Solar's investments in US manufacturing and R&D are believed to make it the most significant enabler of American jobs among solar manufacturers.

According to a recent study conducted by the University of Louisiana at Lafayette and commissioned by First Solar, the company supported an estimated 16,245 direct, indirect, and induced jobs in 2023, representing approximately $1.6 billion in annual labor income. As First Solar grows to an expected 14 GW in annual US nameplate capacity by 2026, it is forecast to support an estimated 30,060 direct, indirect, and induced jobs across the country, representing $2.8 billion in annual labor income. The study projects that every direct job First Solar supports in 2026 will support 7.3 jobs nationwide.

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company's advanced thin film PV modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV modules. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar's approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

For First Solar Investors

This press release contains various "forward-looking statements" which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning First Solar's expectations that i) this innovation center will fast-track validation of technology and process; ii) this innovation center will optimize rates of learning and reduce commercial production line downtime; iii) the company will have over 25 GW of annual global nameplate capacity and 14 GW of US nameplate capacity by 2026; iv) the company will commission its new manufacturing facilities in Alabama in the second half of 2024 and Louisiana in the second half of 2025; and v) the company's investments in R&D infrastructure will create approximately 300 new jobs by 2025. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "seek," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on First Solar's current expectations and First Solar's projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. First Solar undertakes no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause First Solar's actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission. This press release contains references to data and information generated by an economic study conducted by the Kathleen Babineaux Blanco Public Policy Center at the University of Louisiana at Lafayette. The economic study is based on numerous assumptions, estimates and other data as more fully described in the report summarizing the study's findings, which is available at www.firstsolar.com/USeconomy.

Source: First Solar, Inc.

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